Even with the current rise in the value of cryptocurrencies, including the increase in the price of bitcoin, investors are still seeking new opportunities within the cryptocurrency market.
Recently, the “trans-fee mining” model by FCoin Exchange has become a hot topic. Many investors have been attracted to the model, seeking exchanges that offer a listing process that both lets them take part and which is profitable to them. BitMart recognizes the wants and needs of its users and agrees with the concept of community listing. As such, BitMart Exchange is launching Mission X: The Community Listing Market.
What is Mission X?
To summarize, projects will be able to obtain investment from supporters in the form of BMX and use it to list their tokens on the BMX market as a trading pair for BMX. All transaction fees from the BMX market will go directly to the users who supported the project. In addition, successful projects will enter BitMart’s main trading markets.
Projects will first seek to obtain investment from supporters in the Investment Lab. Initially, projects will be limited to ERC-20, NEP-5, and Stellar smart contracts. Users will be invited to support their favorite projects by investing in them using BMX. The limit for investing in any given project will be 1 million BMX. Any BMX invested by supporters will be frozen for 90 days in order to allow the project enough time to reach the next stage. If a project does not reach 1 million BMX within that period, all BMX will be unfrozen and returned to investors.
Once investment reaches 1 million BMX, projects may enter the BMX market, offering their token as a trading pair of BMX with a 0.1% trading fee. All transaction fees from the BMX market will be rewarded to supporters on a daily basis. To ensure transparency, BitMart will disclose all earnings, along with the anonymized email addresses of the supporters. Supporters will be allowed to redeem their BMX at this stage, however, if a project falls below 1 million BMX it will be delisted from the BMX market. Warnings will be issued 15 days beforehand, giving sufficient time for re-investment. Any delisted project will return to the Investment Lab until investment reaches 1 million BMX again. Additionally, BitMart will raise the investment cap to 5 million BMX for projects during the first 3 days of each month after being listed on the BMX market.
Main Trading Markets
After being listed on the BMX market, BitMart’s Coin Listing Review team will review each project for BitMart’s main trading market. If successfully listed on BitMart Exchange, projects can still trade on the BMX market as long as investment from supporters does not fall below 1 million BMX.
What are the Benefits of Mission X?
“This program gives users the ability to decide which projects they want to be listed on the exchange, creating a self-regulated market,” said Sheldon Xia, Founder and CEO of BitMart. “It also allows projects newly out of their ICO stage to obtain a listing on a major exchange early in their development path, spurring growth and innovation for blockchain technology.”
Any projects interested in BitMart’s Community Listing Market can submit their applications by filling out the following Google form: https://goo.gl/forms/pn3d84NPNlJYKCyL2.